Napster is back and with a full Web3 talent. In late June of this year, the company famous for illegal music in the early 2000s decided to relaunch as a Web 3 business. Its major concentrate will be to connect several aspects of the music ecosystem and give more power to creators, fans, and IP owners.
To achieve this, the company is planning to launch a $10 billion NAPSTER tokens via its as-yet-unnamed foundation. The 10 billion tokens create incentives to artists, fans, and developers to tap into the Napster ecosystem. Appealingly, ordinary users can participate and involve in “useful work”, according to the company’s published article.
The company wrote that Web3 offers a chance for something ground-breaking for “music creators, their fans, and right holders.” Holding true to Napster’s DNA”, the company will innovate in this direction.
To facilitate the use of the Napster ecosystem, the company will announce a collection of smart contracts that anyone can use. The smart contracts will be open source, allow the creation of an asset, and carry the asset via all its lifecycles. This lifecycle contains ordering, cataloging, and matching.
And to push its Web3 strategy beyond the token release, Napster has hired former Roblox Global music director Jon Vallapulos to possibly oversee the running of metaverse music events in the ecosystem. Though the company doesn’t have Roblox’s fan base or its Gen Z cache, it has the pedigree of an industry disruptor.
Music bets big on Web3
As Napster wrote in its article, the music industry is one of the few places where crypto, blockchain tech, and NFTs have immediate sense. And many other companies think the same way. Below are some stories from the intersection between the music industry and the next iteration of the Internet.
Initially, there is the collaboration between Warner Records and Probably Nothing. The duo lately revealed the launch of a new Web3 music album named “Probably a Label.” It looks set to change the landscape of music by empowering creators and fans via community-based ownership.
Next, there is MTV. The company famous for its music awards recently released a new category: “Best Metaverse Performance”. The move comes as more artists entertain fans in virtual shows in the current year. First-year nominees contained Justin Bieber, Charli XCX, and BLACKPINK.
Lastly, there’s Timbaland. A few months ago, the renowned music producer released a Bored Ape themed music video. The video doubled as an NFT which fans could buy, showing that music producers could use multiple angles of the technology at once.